Ghana Commodity Exchange signs MOU with Grain West Africa Company Limited for food security
26/09/19
Ghana Commodity Exchange (GCX) and Grain West Africa Company Limited (GWA) have signed a Memorandum of Understanding (MOU) to enhance the food security operations of the GCX trading platform. The partnership will contribute to achieving the United Nations 2030 Sustainable Development Goal (SDG2) of Zero Hunger with improved food security for the nation.
The signing ceremony took place at the Ghana Commodity Exchange (GCX) office in Accra on Thursday the 26th of September 2019.
The CEO of GCX, Dr Kadri Alfah stated “it was great to finally formalise the collaboration and he looked forward to working together with GWA to the mutual benefit of each respective institution.”
The CEO of Grain West Africa (GWA), Mr Alex Kwabena Wiafe, highlighted that the signing symbolised a serious commitment, stating that “With GWA’s advanced storage technology and GCX’s trading platform we would truly revolutionize and make Ghana the epicenter for food security in West Africa”.
GCX and GWA will work together to service farmers and aggregators with secure incomes and long-term bulk storage of their grains.
GWA will be storing excess stock of GCX grains traded by its farmers and aggregators in the company’s silobags for long-term bulk storage. It is expected that GWA will issue GCX monthly condition reports on its grains when stored in their storage systems.
GWA’s operations will be much more cost effective and will supplement GCX’s warehouse receipt system for trading.
At GWA’s main storage site at Nkenkassu- Offinso in the Ashanti Region, the storage technology will have the capability to store 200,000 metric tons a year for GCX.
GWA’s operations are expected directly and indirectly to create jobs in the thousands as it’s storage technology will give farmers the confidence to harvest more during the year knowing their produce will be securely stored. It will also encourage the youth to stay within their respective native districts and sought careers in Agribusiness.
Mr Alex Kwabena Wiafe stated “staff employment will be shared between GWA and GCX, with the partnership directly and indirectly creating thousands of jobs”.
Grain West Africa is a commodities management company into the storing of grains using leading edge storage systems. GWA has a three-fold plan to become a high-volume manager for the storage of maize and other grains in Ghana. Expand throughout Africa, and thirdly to provide their services to the cocoa industry in Ghana and Cote d’Ivoire.
The Ghana Commodity Exchange is a trading platform for buying and selling listed commodities. It aims to connect markets and people, and provide opportunities by using the most modern, interactive and appropriate technology that meets the needs of its markets and stakeholders. Starting with spot contracts for physical products, GCX will later trade in futures and options contracts for the listed commodities.
If you would like more information on our grain storage services or our entrance into the African food security industry, please don’t hesitate to email us at aw@grainwestafrica.com